The Current Impact the Coronavirus is Having on Businesses

It is clear that this worldwide pandemic is and will continue to have major economic and social strains on our society. Conferences, festivals, shows, and even entire professional sport schedules are all making changes due to the virus. Whether that is canceling as a whole, rescheduling, or playing with no audience.

As COVID-19 continues to spread, people’s fears are growing as fast as the stock market is plummeting. But are the fears and concerns something to truly be afraid of?
There is no doubt that businesses of all sizes are being impacted. Large corporations are stopping travel and scheduling mandatory remote work. These larger corporations not only have the financial means to do this but also the technological capabilities. Not all businesses have this luxury.

Issues more on a local scale are such as a dip in sales with fewer people being out.

A fear of more people taking time off due to illness, causing businesses to have to pay more for time off and cover work loads.
Not only does the size of the business play a part but the type of industry the business is in is the major player in this COVID-19 pandemic.
The hospitality industry, the construction industry, and the educational system will take some of the hardest hits. Hourly employees that depend on the work from scheduled events or consistent flows of traffic are suffering.

Luckily our government is seeing this as a huge issue.

The Small Business Administration is going to be offering $50 billion more in low-interest rates to companies that are being impacted by the coronavirus. Talks of extending the tax deadline which would allow tax payments to be deferred with no interest.

The most important thing to note for your business is that it is not too late!

Communicating to your employees is of utmost importance. Reminding them that their health and safety is your top priority. Reminding them of your policy for sick leave and any possible changes you may be making.
With the advancements in technology, allowing employees to work from home is easier than ever. With companies such as GoToMeeting, Zoom, FreeConferenceCall, and potentiality the software’s you have access to even have these capabilities.

However, there are some people whose jobs do not allow for that. As a community we need to do what we can to support our local businesses and contractors.

Stay safe and healthy out there and we will get through this!

03/16/2020
By: Cassidy Finnegan, Quality Back Office